Modon Holding achieved remarkable growth in 2024, with its net profit reaching AED 9.4 billion. This milestone was driven by strong performances across its core sectors: Real Estate, Asset Management, Hospitality, and Tourism & Events. The company reported a substantial increase in revenue, rising 637% year-on-year to AED 6.5 billion, largely due to the acquisition of ADNEC and Modon Properties. Additionally, gross profit surged by 500% to AED 2.4 billion, highlighting the company’s solid business fundamentals.
As part of its expansion strategy, Modon launched five new real estate projects on Hudayriyat Island and Reem Island, generating AED 13 billion in sales. The company’s revenue backlog also grew to AED 25.3 billion, securing long-term revenue stability for the next three years. Furthermore, Modon’s destinations attracted 12.2 million visitors, reinforcing its position as a key player in the tourism sector.
Global Growth and Strategic Investments
Modon Holding extended its global footprint with major investments in Egypt, Spain, the United Kingdom, and Morocco. The company’s international expansion aligns with its commitment to sustainable urban development and strengthening Abu Dhabi’s position as a global investment hub. Jassem Mohammed Bu Ataba Al Zaabi, Chairman of Modon Holding, emphasized the company’s achievements, stating, “2024 was a defining year for Modon, delivering unprecedented growth and strengthening Abu Dhabi’s position as a global investment hub. Our acquisitions and strategic expansions lay the groundwork for the next phase of Modon’s transformation.”
Abdullah Al Sahi, Group Managing Director of Modon Holding, highlighted the company’s ability to exceed expectations both locally and internationally. He also noted the importance of Modon’s role as the master developer for Ras El Hekma in Egypt and the acquisition of La Zagaleta in Spain. These strategic moves reinforce the company’s vision for continued growth across multiple geographies.
Future Outlook and Commitment to Growth
Looking ahead, Modon remains focused on accelerating growth across its sectors. Bill O’Regan, Group Chief Executive Officer, stated, “Modon’s record-breaking 2024 results across our resilient platform of business activities – Real Estate, Asset Management, Hospitality, Tourism, and Events – demonstrated strong growth in revenue and net profit. This reflects our solid fundamentals, disciplined capital allocation, and well-diversified portfolio.”
With a robust balance sheet, significant liquidity, and an expansive land bank, Modon Holding is well-positioned to capitalize on emerging opportunities. The company’s strategic acquisitions continue to drive performance, ensuring long-term value creation and sustained growth in both local and international markets.
